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Dubai and TheCityUK signs partnership agreement to boost collaboration between financial centres

Companies in Dubai are set to benefit from a new partnership between the Dubai International Financial Centre (DIFC), the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas, and TheCityUK, the independent body responsible for promoting financial and professional services in the UK and overseas.

DIFC has signed a Memorandum of Understanding (MOU) with TheCityUK to share financial, legal and regulatory expertise, collaborating on areas of mutual interest including closer links on education, training and qualifications. The agreement is expected to provide a significant boost to capacity building in DIFC given its ambitious growth plans.

The MOU has been signed by Chris Cummings, Chief Executive of TheCityUK, and Abdulla Al Awar, Chief Executive of DIFC Authority. The MOU was signed in the presence of His Excellency Abdullah Mohammed Saleh, Governor of the Dubai International Financial Centre and the Lord Mayor of the City of London.

Abdulla Al Awar, Chief Executive of DIFC Authority said: "Our status as a global hub of finance is reflected through our world-class infrastructure and common-law jurisdiction, which provides a stable platform for global and regional firms to access opportunities in the region's emerging markets. Another factor in our advancement is the pool of qualified professionals present in the centre, both attracted from around the world and developed by leading British academic institutions present in DIFC. Our growth prospects for the coming five years include a major increase in the size of our workforce, which presents a tremendous opportunity for young and developing professionals who are interested in exposure to the worlds emerging markets, and also for the institutions present in the centre".

"There is no doubt that UK firms will contribute to our growth by bringing their specialised expertise, and we are committed to providing them with the gateway to opportunities in the region. This MoU will pave the way to continued and mutually-beneficial cooperation"

Chris Cummings, Chief Executive, TheCityUK said: "We see the agreement with the DIFC as an important gateway to the Middle East for UK firms, which will generate jobs and growth for both nations. This will be achieved by helping to build its international financial centre - so creating further opportunities for UK firms as the DIFC grows to connect the region's emerging markets with markets around the world. UK based financial and related professional services expertise is already in high demand in the region so this is good news and will stimulate growth in the UK."

Alderman David Wootton, Lord Mayor of the City of London and President of TheCityUK's Advisory Council said: "The UK has longstanding ties with the DIFC. Both TheCityUK and the DIFC share common goals in ensuring that the financial and professional services sector can participate in a well regulated, transparent and competitive global market. This MOU is a reflection of our ongoing commitment to work in close partnership with the DIFC across a range of different sectors for the benefit of all involved."

The DIFC is a financial and federal zone administered by the Dubai Government. The DIFC has 848 active registered companies of which 18% are from the UK. Sector specialisms include: banking and capital markets, insurance, asset management and professional services. Islamic finance is a particular strength. TheCityUK and the DIFC will team up on joint events to promote London and Dubai as key areas to conduct financial and related professional services and attract investors. TheCityUK will also provide advice to the DIFC on how to establish an equivalent body within Dubai to promote the UAE financial services industry.

The initiative is supported by UK Trade & Investment, which works with UK-based businesses to ensure their success in international markets, and encourages the best overseas companies to look to the UK as their global partner of choice.

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For further information please contact:
Linstock Communications
Tel: 020 7089 2080

Dubai International Financial Centre
Shaima Al Zarouni
PR Manager
Tel: +971 4 362 2432
shaima.alzarouni@difc.ae

About DIFC
The Dubai International Financial Centre (DIFC) is the financial and business hub connecting the region's emerging markets with the developed markets of Europe, Asia and the Americas.

Since its launch in 2004, DIFC, a purposely built financial free zone, has been committed to encouraging economic growth and development in the region through its strong financial and business infrastructure. Currently, DIFC's client base comprises over 800 active registered firms, including 21 of the top 30 global banks, 8 of the top global money managers, 6 of the 10 largest insurers and 6 of the top 10 law firms in the world. More than 12 thousand employees operate in an open environment complemented by international legal and regulatory standards. DIFC offers its member companies benefits such as 100 percent foreign ownership, zero percent tax rate, with no restriction on capital convertibility or profit repatriation. DIFC has its own independent financial and ancillary services regulatory body, the Dubai Financial Services Authority (DFSA). It also has the DIFC Courts, which is an independent common law judiciary based in DIFC with jurisdiction over civil and commercial disputes in or relating to the Centre.

DIFC is built upon a modern legal, regulatory and physical infrastructure which makes it the destination of choice for Financial Services firms establishing a presence in the region.

For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.

About TheCityUK
TheCityUK is the independent, cross-sector voice for the UK financial and professional services industry which champions the international competitiveness of the financial and professional services industry. Created in 2010, TheCityUK supports the whole of the sector, promoting UK financial and professional services at home and overseas and playing an active role in the regulatory and trade policy debate.

The financial and professional services industry currently accounts for 13.5% of UK GDP. The sector employs over 2 million people, more than 68% of whom work outside London, and underpins the businesses that drive jobs and growth. It is easy to see the importance of an industry that employs one in every ten of the working population.

TheCityUK provides constructive advice and the practitioner voice on trade policy and all aspects of taxation, regulation, and other legislative matters that affect the competitiveness of the sector. It conducts extensive research and runs a national and international events programme to inform the debate. TheCityUK's Leadership team regularly engages with regulators and policymakers at home and overseas, ensuring the sector's views are represented at the highest levels. TheCityUK is tasked with creating a new vision for the financial services sector.

Its board, chaired by Stuart Popham, Vice Chairman EMEA Banking, Citi, is responsible for developing our strategy and delivery. Sir Win Bischoff, Chairman of Lloyds Banking Group, oversees TheCityUK's Advisory Council. The President of the Advisory Council is the Lord Mayor.

TheCityUK is politically neutral.

For further information please see www.thecityuk.com

© Press Release 2012